Is clearing the home loan a better option or should I go with the regular EMIs for the entire tenure ?

I already have a home loan with ICICI on a floating interest rate. I’am looking for another loan.Should I clear this loan first to avail another loan or should I continue paying the EMIs for the entire tenure(This is a huge amount I will be paying by the end).
“Clearing a home loan” is what I meant of getting rid of the loan by making a pre-payment.

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This entry was posted on Wednesday, February 3rd, 2010 at 06:16 and is filed under Loan. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Is clearing the home loan a better option or should I go with the regular EMIs for the entire tenure ?”

xplorshinji February 3rd, 2010 at 06:58

I am not sure what you refered to when you said “clearing the home. ”

On the EMIs, I hope you are referring to PMI. If you owe 80% or less, you can demand the mortgage company to move the PMI with an acceptable appraisal report to that bank showing that the value truly is higher.

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